SECTION 25.28. Ownership Change

(a) When there is an anticipated change in ownership of an insurance premium finance company, the new owner shall submit the following as applicable:

(1) Supplemental Application for an insurance premium finance company license (Form PF1A);

(2) List of Principals (Form PF2);

(3) Premium Finance Application Questionnaire (Form PF3);

(4) Biographical Affidavit (Form PF4) on all NEW individuals named on Form PF2;

(5) List of Other States of Licensure (Form PF5);

(6) Appointment of Statutory Agent and Consent to Service (Form PF6);

(7) Sworn financial statement;

(8) $200 investigation fee;

(9) A copy of the contract of sale establishing refund and fee liability;

(10) Certified copy of Assumed Name Certificate as on file with the County Clerk(s) and/or Secretary of State;

(11) A copy of the resolution minutes authorizing the change of ownership;

(12) Current Franchise Tax Certificate of Good Standing or letter of exemption issued by the Texas Comptroller of Public Accounts;

(13) Partnership agreement.

(b) When there is a change in ownership of an insurance premium finance company resulting in no new owners, the following requirements may be omitted:

(1) Biographical Affidavit (Form PF4) on all NEW individuals named on Form PF2;

(2) $200 investigation fee.

Source Note: The provisions of this §25.28 adopted to be effective May 17, 1995, 20 TexReg 3337.